Bloomberg Law
Sept. 22, 2021, 9:15 AM

Asset Manager Mergers Can Warrant Fresh Looks From Plan Sponsors

Austin R. Ramsey
Austin R. Ramsey

Financial service companies that track and allocate U.S. workplace retirement assets are merging and acquiring new practices at a record pace, often leaving employers unaware of the fiduciary responsibilities triggered by what can be mistaken for a mere change in name.

Great-West Lifeco Inc.-owned Empower Retirement finalized a $3.6 billion purchase of Prudential‘s retirement business in July, the latest in a series of recent industry buy-ups that has seen big names like BB&T, Mercer, and New York Life combine or relinquish their pension portfolios.

Technological leaps have led recordkeepers and third-party administrators to scale their businesses ...

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